I feel I am a good tenant; I always pay on time with "post dated checks" already in his possession.

To keep the home loan people from getting confused, you will want to NOT report the rental income/expenses on your personal tax returns Schedule E, instead have the LLC do an S-Corp election, and report the income/expenses there (after confirming the truthiness of all this with your tax professional, of course).

Option 1) Have it fixed by a professional.

It goes without saying that your real estate professional should be working hard (and smart) but the successful investor/buyer has to show up also.

I had a feeling that was unlikely.

Definitely want to speak to a tax professional and an attorney on this one as I believe you are correct in that you would be buying the current depreciation schedule so your basis will be much lower from the outset.

Feel free to DM me if you ever want to discuss investing in the Central Valley.

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Talk to some local property mangers to get a feel for rental prices and demand.

If you have any questions, please feel free to contact me.